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Alan G.
Alan G.
Elanora Heights, NSW
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hi , Im just about to take a loan out Offshore for $1.5 USD and have wondered if I should leave $500-$750K in an offshore account and what Tax Implications could there be.?

last year

Responses

Hi Alan,

OK Are you using the money for income producing activities in Australia or abroad?

Are you an Australian resident for tax purposes

Are you paying interest on the money? I assume so.

If you are an Aussie resident for Tax purposes and you are using the money to create income then the interest should be tax deductible and any interest earned on the money left in the OS bank account will be taxable.

Hope that helped.

AJ

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